Titan Company Ltd on Friday said its consolidated net profit grew 10 per cent at Rs 916 crore for the September quarter compared with Rs 835 crore in the corresponding quarter last year. Total consoldiated income for the quarter grew 24 per cent YoY to Rs 10,837 crore compared with Rs 8,742 crore in the same quarter last year. Ebit for the quarter rose 16 per cent YoY to Rs 1,392 crore but Ebit margin for the quarter contracted 90 basis points YoU to 12.8 per cent against 13.7 per cent in the year-ago quarter.
Following the quarterly results, Titan shares were trading 2.46 per cent higher at Rs 3,280.05 on BSE.
Managing Director CK Venkataraman said: "All our consumer businesses achieved healthy growth for the quarter. The Watches and Wearables business crossed quarterly revenues of ,1,000+ crores, an important milestone in their journey. Jewellery business continued to shine well growing nearly 27% in consumer sales over last year. The store expansions in key markets are progressing well. We retain our focus on improving market share by offering differentiated products to our consumers touching their everyday lives in a meaningful way."
Venkataraman said the festive season in Q3 has started well and that he is optimistic on performance in the rest of the financial year.
In the case of Jewellery segment, Titan said its total Income came in at Rs 8,575 crore recorded, up 19 per cent YoY, with . The India business recording a growth of 21 per cent led by 'Festival of Diamonds' (studded activation) and other campaigns. The segment witnessed a double-digit growth in both buyers and average bill value per buyer during the period, Titan said while suggesting jewellery segment EBIT for the quarter at Rs 1,206 crore. The EBIT margin for the quarter came in at 14.1 per cent, aided by better studded share in the portfolio.
Titan said its watches & wearables segment recorded a total Income of Rs 1,092 crore, up 32 per cent compared. The segment saw Rs 1,000-plus crore of quarterly revenues for the first time.
"Analog watches revenues of Rs 870 crore grew 22 per cent compared to Q2FY23 whereas the Wearables portfolio achieved Revenues of Rs 175 crore growing 131 per cent in the same period. Premiumisation theme continued to work well for Titan and International brands (Helios) exhibiting strong double-digit growths in the analog segment. In Wearables, Fastrack brand nearly quadrupled in volumes contributing a significant share to the growth in Business. EBIT came in at Rs 160 crore with an EBIT margin of 14.7% for Q2FY24," Titan said.
Titan's eyewear segment clocked a total income of Rs 188 crore, up 13 per cent. Titan Eye+ introduced 'Zefr', a new brand of luxury frames during the quarter. EBIT for the business came in at Rs 28 crore clocking a margin of 14.9 per cent for the quarter
Also read: Hot stocks on November 3: Adani Power, Suzlon Energy, Canara Bank, Ratnamani Metals and more
Also read: IndiGo shares climb 2% ahead of Q2 results; here's what analysts say